|
#1. | A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. This is due to what provision?| |
a)| Incontestability period|
b)| Assignment|
c)| Automatic premium loan|
d)| Waiver of premium||| This provision is not required, but is commonly added to contracts with a cash value at no additional charge. This is a special type of loan that prevents the unintentional lapse of a policy due to nonpayment of the premium.| |

#2. | What required provision protects against unintentional lapse of the policy?| |
a)| Payment of premiums|
b)| Reinstatement|
c)| Grace period|
d)| Assignment||| The grace period is the period of time after the premium due date that the policyowner has to pay the premium before the policy lapses (usually 30 or 31 days). The purpose of the grace period provision is to protect the policyholder against an unintentional lapse of the policy.| |

#3. | Which type of life insurance policy generates immediate cash value?| |
a)| Continuous premium|
b)| Single Premium|
c)| Level Term|
d)| Decreasing Term||| Like other types of whole life policies, Single Premium Whole Life (SPWL) endows for the face amount of the policy if the insured lives until the age of 100. The distinguishing feature of a SPWL is the fact that it generates immediate cash value, due to the lump-sum payment made to the insurer.| |

#4. | Grace is the primary beneficiary of her grandfather's life insurance policy. Upon his death, she wants some income from the death benefit, but wants the face amount to be conserved. Which settlement option should she choose?| |

a)| Fixed amount option|
b)| Interest only option|
c)| Life income with period certain|
d)| Delayed income option||| On the "interest only" settlement option, Grace would receive the interest earned by the face amount, but the face amount would remain.| |
#6. | In order to receive a commission, a person is required to| |
a)| Assign the commission to the Department of Insurance.| b)| Be licensed as an insurance producer.|
c)| Sell, solicit, or negotiate insurance.|
d)| Defer his/her commissions to the insurer.||| Commissions are not allowed to be paid to persons required to be licensed who are not licensed.| |
#7. | If a change needs to be made to the application, it should be accomplished by any of the following methods EXCEPT| | a)| Draw a line through the first answer and record the correct answer and both the applicant and proposed insured initial the change.| b)| Note on the application the reason for the change.|

c)| Spoil the application and complete a new application.| d)| Erase or 'white-out' the incorrect or incomplete answer and record the correct answer.| || An agent should not white-out, erase or obliterate the first answer given to a question on an application. It could prevent an insurer from contesting the application, should it be necessary.| |

#8. | Which is true about a spouse term rider?||
a)| Coverage is allowed for an unlimited time.|
b)| The rider is decreasing term insurance.|
c)| Coverage is allowed up to age 75.|
d)| The rider is level term insurance.||| The spouse term rider allows a spouse to be added for coverage. It is available for a limited amount of time, typically expiring at age 65. A spouse term rider (just like any other insured rider) is usually level term insurance.| |

#9. | Which of the following, when attached to a permanent life insurance policy, allows the policyowner to customize the policy to provide an additional amount of temporary insurance on the insured, or allows amounts of temporary insurance to cover other family members?| |

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